Egypt welcomes 15.7 M tourists in 2024

CAIRO – 1 January 2025: Prime Minister Mostafa Madbouly has called on the private sector to participate in managing and operating the industrial powerhouse in El-Mahalla El-Kubra. He emphasized the government's commitment to revitalizing the sector and ensuring its sustainable success.

Madbouly began the weekly press conference by reflecting on the difficult challenges of the past year. He highlighted the successful repayment of $39 billion in state obligations amidst global and regional economic pressures. The Prime Minister reassured citizens and investors about the government’s readiness to meet its financial commitments. He noted the positive reception of Egypt’s economic reforms following the International Monetary Fund's (IMF) fourth program review.

Madbouly revealed that private sector investments accounted for 63.5% of total investments in the first quarter of the current fiscal year, marking a 30% growth compared to the same period last year.

The Prime Minister also mentioned the government's focus on renewable energy and industrial development. Recent visits to key factories in El-Mahalla El-Kubra underscore the government's commitment to reviving major national projects and supporting the private sector’s role in industrial growth.

The government has launched initiatives to support local industries, including a new $30 billion program over five years to back expansions in existing factories and new industrial projects. Madbouly also announced an agreement with MG and SAIC Motors to establish a new car manufacturing plant in Egypt. The project’s first phase will produce 50,000 cars annually by 2026, with plans to increase to 100,000 vehicles in subsequent phases.

Madbouly announced that Egypt welcomed 15.7 million tourists in 2024. Despite regional challenges, the government is optimistic about reaching 18 million tourists in 2025, boosted by the upcoming official opening of the Grand Egyptian Museum. With ambitious targets for 2025, the government plans to expand Egypt's hotel capacity and enhance tourism infrastructure, capitalizing on increased global interest in Egyptian cultural and historical attractions.

Efforts are underway tostabilize market prices, especially with Ramadan approaching. Meetings with trade unions and private sector stakeholders aim to ensure price control and prevent inflationary pressures.

The Prime Minister also emphasized the importance of the digital economy, particularly artificial intelligence, as a future driver of employment and economic growth. Entry-level salaries in the tech sector range from LE15,000 to 20,000, with significant potential for growth. Madbouly concluded with a visit to the “Arabesque” project at Magra El-Oyoun in Cairo, emphasizing the government’s ongoing commitment to restoring and preserving Egypt’s historical landmarks.

The Prime Minister expressed his hopes for 2025 to be a year of prosperity, security, and growth for Egypt, with continued efforts to strengthen the nation across all sectors.